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Mining News

Randgold Resources: the finder turns keeper

By: elizabeth rebelo     1st September 2003 Randgold Resources has a great reputation as a finder of gold prospects.Now it wants to show its worth as a keeper of them as well. 

China coal mine awards mine-hoist contract

1st September 2003 Leading power and automation technology group ABB, said at the weekend that it had won a contract to supply two complete mine hoists to Tunliu coal mine, belonging to Luan Mining Group in China. 

Joburg gears up for big rock-mechanics gathering

By: nkolola halwindi     1st September 2003 Mine closure, seismicity, slope stability, tunnelling, rock mass classification and rock fracture are among the key topics to be discussed at the International Society for Rock Mechanics (ISRM) congress to be held at the Sandton Convention Centre, in Johannesburg, next month. 

Canadian junior seeks SA partner for Mali project

By: Keith Campbell     1st September 2003 If a junior mining company needs investors or partners for a promising prospect somewhere in Africa, it should go to Canada – especially the Toronto Stock Exchange – to find what it wants. Or so it has popularly been believed. 

‘Constructive discussions continue around RBCT’

1st September 2003 South African transport utility Transnet and the Richards Bay Coal Terminal (RBCT) said, in a joint statement, that they were continuing “constructive discussions” on a series of expansion and empowerment initiatives at RBCT. 

BHPB appears beaten to Drax bid

1st September 2003 International Power entered at the weekend into exclusive talks to take control of Drax, Britain's biggest power station, after beating off competition from three other bidders, the companies said. 

Alcoa says no pressure to raise Elkem stake

29th August 2003 US aluminium giant Alcoa feels no pressure to try to raise its stake in Norwegian metals group Elkem after a failed 2002 bid to win control, chief executive Alain Belda was quoted as saying yesterday. 

DCR’s new minister of mines in diamond dispute

29th August 2003 Democratic Republic of Congo's new minister for mines said on Wednesday that an inquiry has been launched after his efforts to restructure diamond sales in the central African country suffered a setback. 

Zambian copper operation seeks to enlarge

29th August 2003 Listed Canadian mining company First Quantum Minerals announced yesterday that its 100% owned Bwana Mkubwa facility produced 2 656 t of LME Grade "A" copper cathode in July. 

‘Drax acquisition would boost coal business’

By: Martin Czernowalow     29th August 2003 The world’s biggest diversified miner, BHP Billiton, said yesterday that its interest in Britain’s Drax power station stems from its potential to complement the company’s upstream business. 

Implats on track to deliver 2m oz by 2006

By: laurian clemence     29th August 2003 Platinum miner Impala Platinum (Implats) yesterday reported a solid operational performance for the year ended June 30, 2003, despite a 25% slide in net profits to R3,4-billion, mainly due to the appreciating rand. 

Higher platinum price possible but harmful-Implats

29th August 2003 Platinum could push above this week's 23-year peaks on speculative buying, but such prices harm the precious metal's long-term viability, world number two producer Impala Platinum Holdings said yesterday. 

Dehedging asphixiates gold options trade

28th August 2003 The once frothy gold options market is drying up as mining companies comply with new hedge accounting rules and try to retain the confidence of investors still infuriated by the gold derivatives debacle four years ago. 

Promising drill results from Chile copper deposit

28th August 2003 Canadian explorer Mandalay Resources reported that the recent drilling of 14 holes on the company’s 100 sq km La Quebrada property in Chile, confirmed promising intersections of widespread, near-surface, disseminated copper and silver mineralisation over a 10 km strike length. 

RBCT cautious about Transnet’s announcement

By: Martin Czernowalow     28th August 2003 Negotiations regarding the expansion of the Richards Bay Coal Terminal (RBCT) appear to be proceeding well and stakeholders are optimistic that the project could move ahead shortly. 

Explosives firm in R5,5m BEE transport deal 

28th August 2003 South African mining explosives supplier, Bulk Mining Explosives (BME), has unveiled a R5,5-million a year black economic empowerment (BEE) procurement deal in association with Cargo Carriers’ new owner driver scheme. 

Samancor eyes Oz to replace output

28th August 2003 South Africa's major ferro-alloys producer Samancor may pull silicomanganese production from one of its smelters in Australia to replace lost output at its fire-damaged Metalloys plant in South Africa, a spokesperson said. 

Zimplats says rival bid would be cash and script

27th August 2003 Zimbabwe Platinum Mines (Zimplats) said on yesterday a proposed rival takeover offer of minority shares by Zimbabwe's Barbican Holdings would include a combination of cash and script. 

Metorex has ‘difficult and frustrating’ year

27th August 2003 South Africa’s Metorex yesterday reported headline earnings of R12,8-million for the year ended June 30, compared with R90,4-million in 2002, following what chairperson Simon Malone described as "a difficult and frustrating year". 

Transnet-RBCT clear way for terminal expansion

By: Terence Creamer     27th August 2003 Transnet CE Mafika Mkwanazi yesterday confirmed that all hurdles had been cleared for the expansion of the privately-owned Richards Bay Coal Terminal (RBCT) in Kwazulu-Natal to 82-million t/y. 

Implats lifts stake in Zimplats to 61,5%

27th August 2003 Zimbabwe Platinum Mines (Zimplats) said today friendly suitor Impala Platinum Holdings of South Africa had increased its stake by more than ten per cent to 61,5%. 

Zambia state firm wins $20m mine-power-line deal

26th August 2003 Zambia picked state-owned power utility Zesco at the weekend for a $20-million project to build a power line to a new open pit mine in the north west, rejecting arival offer from private firm Copperbelt Energy Company (CEC). 

Zimplats sees no quick counterbid

26th August 2003 Zimbabwe Platinum Mines (Zimplats) said yesterday it did not expect a proposed counter bid for the company to be distributed before an offer by Impala Platinum Holdings was due to close on August 29. 

DRD proposes 4 500 retrenchments to save mines

By: Martin Czernowalow     26th August 2003 South African marginal gold-miner Durban Roodepoort Deep (DRD) announced yesterday that it may cut as many as 4 500 jobs and reduce gold output by some 20% to save its North West operations. 

Investec, DRD announce share option agreement

26th August 2003 South African mining company Durban Roodepoort Deep (DRD) and the Investec Group have entered an agreement in terms of which Investec has secured an option to acquire 18-million new fully paid-up DRD ordinary shares. 

Resource estimate completed for SA diamond-mine

25th August 2003 Canada’s Etruscan Resources and Mountain Lake Resources jointly announced on Friday that an independent resource estimate for the Tirisano Diamond-Mine, in South Africa, was completed this month, reporting in situ indicated diamond resources to be 12,3-million cubic metres, at an average... 

Greater accommodation choice beckons for SA miners

By: Deborah Spicer     25th August 2003 A senior union member at Blyvooruitzicht mine, who has been a mineworker all his adult life, can remember how, as a youth, he used to live in a mine hostel room with 19 other people, he told Mining Weekly on a visit to the mine last month. 

Zim appointed Anglo deputy CE

25th August 2003 South Africa’s biggest company, Anglo American, on Friday announced the appointment of Lazarus Zim as deputy chief executive of Anglo American Corporation of South Africa (AAC SA) and chairman of Anglo Operations Limited, with effect from October 1. 

Gold hedging continues to fall

25th August 2003 The sustained decline in the global gold hedge book that has occurred over the last 18 months continued into the second quarter of 2003. 

Court erred on land claim – Alexkor

By: Martin Czernowalow     25th August 2003 State diamond-miner Alexkor will challenge a Supreme Court of Appeals ruling next month in the South African Constitutional Court, confident that the outcome will be in its favour. 

BHPB’s power station moves unsettle UK Coal

25th August 2003 UK Coal expressed concerns on Friday over a bid by mining giant BHP Billiton for Britain's Drax power station, which could take away one of its biggest customers. 

Ashanti CEO believes bids are too low-report

25th August 2003 The chief executive of Ghana's Ashanti Goldfields believes the company could be worth more than the two bids currently on the table, but he told a Saturday newspaper the market would ultimately decide. 

Mixed views on copper-demand prospects

22nd August 2003 Demand for copper should be rejuvenated later this year by a recovery in the US economy, analysts said Wednesday, though global producers are split on whether a rebound for the red metal is really on the horizon. 

Contracts awarded for Niger gold project

22nd August 2003 Canadia’s Etruscan Resources and Semafo announced yesterday that the Samira Hill gold project in Niger is proceeding on schedule and on budget, with the recent awarding of several major contracts. 

BHPB approves Goodyear’s contract

22nd August 2003 The world’s biggest diversified miner, BHP Billiton, yesterday approved the terms of employment for CEO Charles (Chip) Goodyear. 

Kumba reports 31% earnings slide

22nd August 2003 South Africa's largest iron ore producer, Kumba Resources, posted a 31% drop in full-year earnings due to a resurgent rand, and said yesterday it had reached a preliminary pact on a key asset swap. 

Randgold & Exploration in FSD takeover bid

22nd August 2003 South African gold company Randgold & Exploration said yesterday it would propose a scheme of arrangement between Free State Development and Investment Corporation (FSD) and FSD minority shareholders, holding 55,1% of FSD’s share capital. 

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