R/€ = 19.66 Change: 0.09
R/$ = 16.79 Change: -0.01
Au 1899.80 $/oz Change: -48.23
Pt 867.00 $/oz Change: -64.70

Mining News

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. 

Clean coal technology alliance formed

28th April 2003 American Electric Power and eight other companies, all among the nation’s largest electric utilities and coal companies, have formed an alliance to support President George W Bush’s FutureGen initiative, which seeks the creation of a near zero-emission power plant and hydrogen... 

Shareholders approve Gencor unbundling

28th April 2003 South African holding company Gencor said on Friday it had obtained majority approval from shareholders to proceed with the long-awaited distribution of its 46% stake in Impala Platinum Holdings. 

Anglo concerned about effect of SARS

28th April 2003 Global mining giant Anglo American Plc warned on Friday that the outlook for its main businesses was mixed, as it expressed concern over the spread of the deadly SARS virus in China. 

Mintek wins furnace order from Peru gold mine

25th April 2003 South Africa's national minerals technology organisation, Mintek, has received an order for two 'Minfurn' carbon-regeneration furnaces, valued at over $100 000, from Cia Minera Aurifera Santa Rosa (Comarsa) in Peru. 

Zambia shortlists four bidders for Konkola

25th April 2003 Zambian authorities have named four companies on the short-list for the purchase of a stake in Konkola Copper Mines, as Zambia seeks investment to ensure its largest mining company is modernised. 

Strong rand hits resources firms

25th April 2003 Miners BHP Billiton, Rio Tinto and Anglo American were among the UK's top blue chip fallers yesterday as currency moves stoked fears about earnings and the SARS virus threatened metals demand. 

Kumba Q3 earnings slump 51%

25th April 2003 South Africa's largest iron-ore producer, Kumba Resources, yesterday reported a slump in third-quarter profits and said it expected earnings in the next quarter to come under pressure from a strong rand. 

RMB in debt-equity deal for gem project

25th April 2003 Australia’s Namakwa Diamond Company has announced that it has accepted a proposal from specialist merchant bank RMB Resources to arrange finance for the feasibility and development of stage one of its West Coast Diamond Project in South Africa. 

Leviev likely to take bulk of Namco assets

24th April 2003 LL Mining Corporation has emerged as the preferred negotiator for the bulk of the liquidated assets of Namibian Minerals Corporation (Namco). 

BHPB’s oil slide offset by mineral rises

24th April 2003 The world's largest diversified miner, BHP Billiton, said yesterday third quarter oil and condensate production fell 22% over the same period a year ago, as output from mature fields declined. 

Bafokeng-Impala equity-for-royalty talks continue

By: Martin Czernowalow     24th April 2003 Though declining to reveal details, the world’s second-largest platinum producer, Impala Platinum (Implats), confirmed that ongoing discussions were taking place between it and the Royal Bafokeng Nation (RBN). 

Resources group concludes coking coal price talks

24th April 2003 The world's largest diversified miner BHP Billiton said yesterday it had settled coking coal prices for the year starting April 1, 2003, with prices down about four percent across the board. 

Good results from W Coast gem sample

24th April 2003 Australian miner Namakwa Diamond Company has announced further sampling results from its current sampling programme at the Namakwa Diamond Project, on South Africa’s West Coast. 

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