R/€ = 19.30 Change: 0.03
R/$ = 16.29 Change: 0.04
Au 1908.99 $/oz Change: -39.04
Pt 887.90 $/oz Change: -43.80

Mining News

Falling gold output trend to be reversed - report

6th May 2003 A new gold industry report highlights that the sustained period of declining exploration expenditure brought about by low industry profit margins will result in a fall in future gold supply. 

Menell describes Avmin deal as ‘win-win-win’

By: Martin Czernowalow     6th May 2003 The acquisition of a 34,5% stake in Anglovaal Mining (Avmin), by the Harmony Gold Mining and ARMgold joint venture, has been described as a “win-win-win” situation by Avmin’s executive chairperson, Rick Menell. 

Sasol’s Havenstein appointed Angloplat CEO

6th May 2003 World number one platinum producer Anglo American Platinum said yesterday it had appointed as chief executive Ralph Havenstein, head of chemical operations at energy group Sasol, effective July 1. 

Angola bullish about prospects for Trans Hex mine

6th May 2003 Angola's newly-inaugurated Luarica mine, part-owned by South Africa's Trans Hex, is set to produce nearly 800 000 carats, worth an estimated $170, in its first five years, a State diamond official said last week. 

Oil price to buoy BHPB Q3 profit

6th May 2003 Soaring oil prices are expected to help mining giant BHP Billiton post a higher third quarter profit on Wednesday, offsetting a fall in petroleum output and adverse currency movements. 

Kumba to be likely Anglo target

6th May 2003 The world's second largest diversified miner, Anglo American, sold its stake in Anglovaal Mining (Avmin) on Friday for $231-million, narrowing its focus in a fight to dominate South Africa's iron-ore fields. 

Marine miner extends vessel agreement

By: Jill Stanford     6th May 2003 Canada’s Diamond Fields International has extended its operating agreement on the mining vessel Anya. 

The big mine-hospital debate

By: Deborah Spicer     5th May 2003 Far-flung mines serviced by a community of migrant labourers often had to supply their employees with health services in the past. 

Angola plans to end gem-marketing monopoly

5th May 2003 Angola's government, eager to make better use of its rich natural resources, after ending years of bloodshed, has approved a plan to reform the diamond sector and end a marketing monopoly, a senior official said. 

Resource at SA mineral sands deposit upgraded

5th May 2003 Australian-based Mineral Commodities has announced a 29% resource increase at its Xolobeni mineral sands project in South Africa, to 16,9-million tons of contained heavy mineral. 

Placer plans a smaller hedge book

5th May 2003 Canadian miner Placer Dome’s chief executive, Jay Taylor, said he wants to reduce North America's No 3 gold company's hedge book to about eight-million ounces, from a current 11,5-million ounces. 

Ghana gold project study completed

5th May 2003 Australian miner Red Back Mining’s Chirano Gold Project, in Ghana, has been confirmed as a potential low-cost producer with the capacity to yield 130 000 oz of gold a year over a 6,5-year mine life, following finalisation of a key bankable feasibility study on the West African project. 

Ample supply to keep aluminium in surplus

5th May 2003 Expansions to aluminium capacity in the next few years will keep the metal in significant supply surplus and prices weak, as demand fails to match rising output, but analysts say this has not deterred producers from planning the next wave of projects. 

New gold targets to be drilled in Mali

5th May 2003 Canadian company Etruscan Resources has announced that a drilling programme is scheduled to begin next week on the Finkolo gold property in Mali. 

Harmony-ARMGold to merge to form world's fifth biggest gold producer

3rd May 2003 South Africa's Harmony Gold Mining said on Friday it would merge with ARMgold to create the world's fifth-largest gold producer with output of 4.1 million ounces a year. 

Anglo sells Avmin stake to ARMgold/Harmony

3rd May 2003 Mining giant Anglo American Plc said on Friday it had sold its stake in South Africa's Anglovaal Mining to a consortium comprising African Rainbow Minerals Gold Ltd and Harmony Gold Mining Company Ltd. 

AngloGold set to defer SA capex

By: Martin Czernowalow     1st May 2003 South Africa’s biggest gold producer, AngloGold, is set to focus on cost-cutting and capital expenditure deferment this year, after its first-quarter earnings took a knock from the strong rand, the company said yesterday. 

Miners, Treasury in talks over royalties

1st May 2003 Finance Minister Trevor Manuel told mining executives yesterday that South Africa would stick to plans to levy mining royalties, but was willing discuss the industry's concerns over the new regime. 

Gold investment demand hits 35-year high – survey

1st May 2003 The sharp rise in gold prices in 2002 boosted global investment demand for the yellow metal to a 35-year high, but cut its use in fabricated products, precious metals research firm CPM Group said. 

Finance sought for new platinum project

1st May 2003 Platinum company Aquarius Platinum sees its Everest South project to be robust, despite the proposed new royalty regime, and has initiated financial discussions for the project. 

Rand bites gold producer’s earnings

1st May 2003 The world's second-biggest gold producer, AngloGold, posted weaker-than-expected first-quarter earnings yesterday and became the latest South African miner to blame a strong rand for eating into revenues. 

Mills appointed as AngloPlat project director

1st May 2003 South African platinum producer Anglo Platinum has announced the appointment of Robin Mills, as executive director: projects, to the company’s board, with effect from May 1. 

Gold miners protest SA royalty bill

30th April 2003 Two South African gold miners expressed opposition to government’s proposed Royalty Bill yesterday, voicing concern that marginal producers especially could be adversely affected by the legislation. 

DRD to retrench 1 000 miners

By: Martin Czernowalow     30th April 2003 South African gold-miner Durban Roodepoort Deep (DRD) said yesterday that its North West Operations (NWO) recorded a loss of some $2,4-million (R20-million) – a drop in production of some 19 000 oz – during the quarter ended March 31, leading to the implementation of a... 

Rand hits marginal miner’s earnings

By: Martin Czernowalow     30th April 2003 The strengthening rand has taken a bite out of South African gold producer Durban Roodepoort Deep’s (DRD) earnings for the quarter ended March 31, prompting the company to seek opportunities outside the country. 

Harmony the opportunistic acquirer once more

30th April 2003 Gold miner Harmony, which has a strong record of opportunistic acquisitive growth, believes there is still significant scope for further consolidation in South Africa, particularly now that the strong rand is putting the squeeze on gold-mine margins. 

Placer’s earnings soar on higher gold prices

30th April 2003 Gold producer Placer Dome reported higher first-quarter earnings yesterday, benefiting from increased production and six-year highs for gold prices. 

Natural resources curse and blessing for Africa

30th April 2003 Soldiers with mounted machineguns sit behind sandbags on the streets of a gritty oil town in southern Nigeria, enforcing a curfew by night and keeping an uneasy peace by day. 

China launches giant aluminium group

30th April 2003 China formally launched this week a giant aluminium group called the Aluminium Industry Group of China, in an effort to boost competition and rein in the country's overheated aluminium expansion. 

SA miners to meet government today

30th April 2003 South African Finance Minister Trevor Manuel will meet mining executives and labour officials today to discuss the government's plans to impose a new royalty scheme on their sales, officials said. 

Conflict diamonds meeting starts in Joburg

29th April 2003 Representatives from around 70 countries began meeting in Johannesburg Monday to discuss implementation of a plan to ban the trade in illicit "blood diamonds" from war zones, organisers said. 

Glencore leads charge for premier Zambian mines

29th April 2003 Swiss trader Glencore International is leading four other bidders seeking to purchase a stake in Zambia's premier Konkola Copper Mines (KCM), industry sources said yesterday. 

Barrick’s Tanzania mine hits equipment snags

29th April 2003 Canada’s Barrick Gold Corporation said yesterday its only African mine, Bulyanhulu, in Tanzania, would probably not meet 2003 production targets as it replaces underground equipment damaged by tough mining conditions. 

Kumba’s titanium smelter begins production

29th April 2003 South Africa's Kumba Resources said yesterday its titania slag smelter in KwaZulu-Natal had begun production and said it should be operating at full capacity within 18 months. 

Brace of new gold beneficiation initiatives by Harmony

By: zeena isaacs     28th April 2003 In all five of the latest key steps taken to add value to gold in the Free State and Gauteng, one name stands out as common to all. 

EIAs of coal-supply routes to two power stations under way

By: Martin Czernowalow     28th April 2003 Projected growth of South Africa’s electricity demand shows that power utility Eskom’s Majuba and Tutuka power stations, in Mpumalanga Province, will be required to generate electricity at full capacity by 2009. 

New pig-iron project for Brazil

28th April 2003 Brazil’s Companhia Vale do Rio Doce (CVRD) and Nucor Corporation announced last week that they have signed an agreement to construct and operate an environmentally friendly pig-iron project in Northern Brazil. 

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