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Mining News

Big pay package for mining boss

19th March 2002 Swiss miner Xstrata chief executive Mick Davis is to receive a bumper pay deal of  

SA gold firm extends OZ offer

19th March 2002 South Africa’s Harmony Gold said it had extended its offer to minority shareholders in Hill 50 to March 22, adding it now had an 83,22% fully diluted interest in the Australian miner. 

R1,3bn shaft-deepening out to prove that deep is cheap

18th March 2002 Leading gold-miner AngloGold, smarting from its failed attempt to snatch Australian company Normandy, looks set to grow organically, with some of the additional output coming from the Mponeng mine, about 65 km south-west of Johannesburg. 

Swiss miner plans to raise £850m in London IPO

18th March 2002 Miner Xstrata, which plans to list on the London stock market, boosted the fund-raising target for its initial share offer by  

Aussie PGM firm wants main-board London listing by May

18th March 2002 Emerging platinum producer Aquarius has applied to the London Stock Exchange (LSE) to migrate its current listing from the Alternative Investment Market (AIM) to the main board of the LSE. 

Techno firm acquires rockdrill business

18th March 2002 Mining technology firm Boart Longyear has acquired the Swiss-based rockdrill division of SIG Produktionstechnik. 

Diamond group in asset-transfer deal

18th March 2002 Canadian diamond firm Trans Hex International (THI) said it had entered into a letter of intent with the Trans Hex Group (THG) in which the parties had agreed to an alternative transaction to a court-approved winding up of THI. 

Board head seeks to streamline gem trading regime

15th March 2002 The chairperson of the South African Diamond Board Abbey Chikane says that new challenges in relation to diamond trading are being dealt with by the Department of Minerals and Energy (DME), which are aimed at improving and streamlining the regulatory environment for the downstream diamond industry. 

Mining tech group is core to Anglo

15th March 2002 Natural-resources company Anglo American has formally declared that it would retain its mining-technology subsidiary, Boart International, as a core business. 

Mining leads SA's export surge

15th March 2002 South African exports are expected to lead domestic economic recovery, with the mining industry being well placed to lead the sector, report economists at Absa. 

Chinese copper firm sees stable output in 2002

15th March 2002 China’s third-largest copper firm, Yunnan Copper, aims to produce 170 000 t to 180 000 t of refined copper in 2002, depending on market conditions, a senior company official said. 

R475m finance for coal terminal expansion

14th March 2002 South Africa’s South Dunes Coal Terminal (SDCT) has secured R475-million in financing to help expand the country’s Richard’s Bay coal export terminal (RBCT). 

Avmin won't be swallowed – Menell

14th March 2002 The chief executive of South African miner Anglovaal Mining (Avmin) said his company would not be swallowed up by mining colossus Anglo American, which has bought more than a third of the group. 

Mining giant’s faith in SA grows afresh

By: Terence Creamer     14th March 2002 The world’s third-largest mining company, Anglo American, is pursuing a suite of growth projects worth $5-billion, revealing, too, that South Africa remains an attractive destination for mining investment. 

Coal shines through for petchem group

13th March 2002 One of the gems in Sasol’s glittering interim financial results announced in Johannesburg on Monday was the performance of Sasol Mining. 

Resources giant takes Canada gem mine underground

13th March 2002 In its first attempt at mining diamonds underground, the world’s biggest diversified miner, BHP Billiton, is taking Canada’s only producing diamond-mine Ekati from openpit to below ground in the frozen barrenlands of the country’s Northwest Territories. 

Zambia expansion on track

13th March 2002 Canadian miner First Quantum Minerals has completed phase one construction on the expansion of the Bwana Mkubwa facilities in Zambia. 

Lindahl gives up Anglo's chair

13th March 2002 The former ABB CE at the centre of a pensions scandal, bowed out as chairperson-elect at mining giant Anglo American. 

Powering black coal empowerment

12th March 2002 Black-owned coal companies sold a significant R1,139-billion worth of coal to South Africa’s State-owned electricity utility Eskom in 2001. 

Free State gold-mine targets costs of $100/oz or less

12th March 2002 Gold company Avgold opened South Africa’s first new deep-level gold-mine in 20 years on Friday, where it is deploying cutting-edge technology aimed at reducing costs to $100 an ounce. 

Canadian mine resumes tungsten exports

12th March 2002 North American Tungsten Corporation said it had shipped its first supply of clean tungsten concentrate to a US and Swedish client from a Canadian mine that was closed for 15 years. 

Mining giant in R4bn iron-ore move

12th March 2002 Mining giant Anglo American has acquired significant stakes in two South African mining companies - Kumba Resources and Anglovaal Mining (Avmin) - in a bid strengthen its hand in the iron-sector. 

How safety boosts share value

11th March 2002 New Impala Platinum (Implats) CEO Keith Rumble has a passion for safety in the work environment. There are two reasons for his commitment, the first being that safety saves lives, and the second that a good safety record boosts share values. 

Aluminium demand slumps

11th March 2002 World demand for primary aluminium fell by 4% in 2001, the first appreciable decline since 1993. Recession is now in the air, and there is widespread uncertainty as to how deep it will be, how long it might last, and whether the recovery will be sharp (v-shape), slow (u-shape) or stuttering... 

Junior optimistic about gem propsect

11th March 2002 Small diamond-miner Kimberley Diamond Company has moved a step closer to confirming the source of the Terrace 5 alluvial diamond system after announcing encouraging results from microdiamond samples taken from lamproite drilling at the Ellendale Diamond Project. 

Gold company CEO headed back for SA

11th March 2002 Gold-miner Durban Roodepoort Deep’s chief executive officer Mark Wellesley-Wood will come back to South Africa after Home Affairs Minister Mangosuthu Buthelezi instructed his department to enable him to return. 

Challenging time for mining techno firm

8th March 2002 A deepening global recession exacerbated by the events of September 11, lowered industrial production in developed countries, and further depressed mineral exploration world-wide, were among the many challenges faced by Boart Longyear in 2001. 

Zambia copper output climbs but woes continue

8th March 2002 Zambia’s embattled miners exported more copper in January than a year ago, but at prices which underlined why mining giant Anglo American is poised to quit the country, central bank data showed. 

Gem empowerment deal announced

8th March 2002 Black-owned diamond-mining company New Diamond Corporation (NDC) signed a R38-million deal with De Beers for the purchase of the dormant Kamfersdam mine and tailings dumps near Kimberley. 

French aluminium giant mulls E Cape smelter

8th March 2002 French aluminium firm Pechiney said it was on its way to opening a 460 000 tons a year smelter in South Africa’s Eastern Cape province after striking an advance deal to supply it with power. 

Algeria in zinc privatisation effort

7th March 2002 Algeria’s government is offering State-owned metals firm Metanof for privatisation as part of efforts to breathe life into its stalled sell-off process. 

Gold hedges tapering off

7th March 2002 Gold hedges will taper off in the next year as mining houses seek greater price exposure, said Virtual Metals Research & Consulting. 

Aussie steel firm's product escapes US tariffs

7th March 2002 Resources company BHP Billiton said its largest single category of steel exports to the US had escaped the hefty new tariffs announced by President George W Bush. 

Tantalum demand expected to rise

7th March 2002 Demand for tantalum, a metal mined by Australia’s Sons of Gwalia, which is used to make electronic parts, may rise as much as 10% a year through 2005, boosted by use in cars, consultant Roskill Information Services said. 

DRC resource panel resumes work

6th March 2002 Possible actions could be taken by the UN Security Council and the international community in order to help bring an end to the plundering of natural resources in the Democratic Republic of Congo (DRC). 

SA group buy Oz mining engineering firm

6th March 2002 South African energy group Sasol said it had acquired a 50% stake in the explosives blasting services unit of Australian transport and mining engineer Downer EDI. 

Zinc miners hurt by poor prices

6th March 2002 The Canadian zinc-miner caught in a liquidity crunch as zinc prices tumbled to 14-year lows last year, Breakwater Resources, posted a deeper annual loss for 2001 but said financings were enough to meet its cash needs until the end of 2002. 

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