R/€ = 20.59 Change: -0.01
R/$ = 17.42 Change: 0.05
Au 1948.47 $/oz Change: 13.03
Pt 960.62 $/oz Change: 8.16

Mining News

Tank farm demolition contract awarded

12th September 2002 The South African division of Shell Mining was awarded the contract for the demolition of the existing tank farm in Mining Area One (Namdeb), a landmark on the Namibian horizon 

Nigeria invites bids for aluminium smelter

12th September 2002 Nigeria invited local and international companies on Tuesday to express interest as core investor in its troubled 193 000-tons-a-year ALSCON aluminium smelter. 

Hurricane hits Potgietersrus mine

By: Martin Czernowalow     12th September 2002 A hurricane hit Anglo Platinum’s Potgietersrus mine on Monday night, causing damage to buildings and cars 

Hostile gold bid extended yet again

12th September 2002 Canada-based gold miner Placer Dome extended its hostile cash and scrip bid for Australia's AurionGold on Tuesday, by 10 days until September 20. 

‘No basis for IDC’s compensation claim’

By: Terence Creamer     11th September 2002 Mining giant Anglo American said yesterday that there was no basis for a R200-million compensation claim made by the State-owned Industrial Development Corporation (IDC). 

Anglo has no immediate plans for Gold Fields

By: Terence Creamer     11th September 2002 Resources group Anglo American had no immediate plans for its stake in the world’s most profitable gold producer, Gold Fields, but it was likely to use its position in the company to support initiatives that seek to optimise synergies between it and AngloGold. 

Aussie nickel mine gets compensation from contractor

11th September 2002 Australian miner Anaconda Nickel said yesterday it had been awarded a net A$39,8-million ($21,9-million) after arbitration on a dispute with engineering firm Fluor Daniel, which built its nickel project in outback Australia. 

Tenders invited for Moz titanium project

11th September 2002 Mining group Kenmare Resources has announced that it has issued an Invitation to Bid (ITB) for the construction and implementation of the Moma Titanium Minerals Project in Mozambique. 

Another death at West Rand gold mine

11th September 2002 One miner was killed after an underground earth tremor triggered a rock-fall at a mine owned by South Africa's second-largest gold producer, Gold Fields, the company said on Monday. 

Diamond groups take dispute to court

By: Jill Stanford     11th September 2002 Canadian mining company Diamond Fields International (DFI) has instituted an action for damages in the High Court of South Africa in Cape Town against its former joint-venture partner Trans Hex Group. 

Base metals turnaround boosts group’s results

11th September 2002 Mining giant Anglo American surpassed market expectations and its global rivals yesterday by posting only a small dip in half-year earnings, despite a profit slump in its main platinum business. 

Group’s platinum-share purchases to continue

By: Terence Creamer     11th September 2002 Natural Resources giant Anglo American has increased its position in Anglo Platinum (AngloPlat) to around 65% and has also defended the legitimacy of the share-purchase programme in light of proposed changes to the South African mining law, as well concerns from minority investors. 

Big role mooted for BEE firms in new mining projects

By: Terence Creamer     11th September 2002 Leading global mining house Anglo American believes there is significant potential for black economic empowerment (BEE) participation in new mining projects that would emerge in South Africa in the years ahead. 

Gold price could hit $1 000 – analyst

10th September 2002 The gold price could more than treble to $1 000 an ounce, if western stock markets suffer from a 20-year bear market, according to Hugh Hendry, manager of the Odey Continental European fund. 

Indonesian tin firm may stop dredgers as prices fall

10th September 2002 Indonesia's PT Timah, the world's largest integrated tin firm, said yesterday it plans to stop operating some of its high-cost dredgers if prices fail to improve. 

Petchem group’s mining profits surge

By: Zonika Botha     10th September 2002 With a major performance increase year-on-year of 152%, Sasol Mining posted an operating profit of R1 340-million this year. 

Study on for coal-mine expansion

10th September 2002 The Forzando coal-mine, located just north of Bethal in Mpumalanga Province, is likely to be extended. 

R120m ERPM purchase announced

10th September 2002 Crown Gold Recoveries, the Joint Venture between Khumo Bathong Holdings Limited (60%) and Durban Roodepoort Deep, Limited (40%), plans to purchase East Rand Proprietary Mines (ERPM) for a consideration of R120-million. 

SA miner’s headline earnings leap 92%

9th September 2002 South African minerals and metals producer Assmang said last week its year headline earnings had surged 92% to R443-million thanks to the rand's depreciation, which offset lower dollar prices for its products. 

Smelter growth could lead to alumina shortfall

9th September 2002 Independent research house, AME Mineral Economics has just released its annual Alumina Production Cost Report, analysing the cost structures of 51 alumina refineries and proposed new developments in 21 countries. 

SA poised to wrest Russia's crown

By: Joanne Delaurentis     9th September 2002 For years Russia and South Africa have dominated the world market for platinum-group metals, with Russia currently supplying about 60% of palladium demand, and South Africa supplying about two-thirds of the world's platinum. 

Muscular gold seen lifting SA bourse

9th September 2002 A stronger gold price is seen steering South Africa's bourse higher today, given tensions in Iraq and the anniversary of attacks on the US on September 11 last year. 

First asbestos payout expected soon

6th September 2002 London-listed Cape Plc said on Wednesday it was hoping to soon pay the first installment of an out-of-court settlement to South African miners, suffering from asbestos-related illnesses. 

Japan considers coal tax in greenhouse push

6th September 2002 Japan, one of the world's biggest coal importers, is considering a coal tax to encourage the use of cleaner fuels like natural gas, sending a shudder through the shares of the world's biggest producers. 

New mining cadaster to be developed

By: candice haase     6th September 2002 In the wake of the introduction of the Mineral Resources and Petroleum Development Bill, the Council for Geoscience has assisted the Department of Minerals and Energy (DME) in the development of a new mining cadaster for South Africa. 

Gold boosted by Iraq jitters

6th September 2002 COMEX gold rose to a six week high yesterday, as the market built a risk premium back into prices before the anniversary of September 11, extra wary because of White House talk of going to war with Iraq. 

Mine charter looms as SA giant prepares to report

5th September 2002 Mining giant Anglo American is set to report lower first-half profits next week, but the big issue facing Anglo is its prospects in South Africa, where the state wants blacks to have a bigger stake in mining. 

SA gold firm closes out 2004 gold hedges

5th September 2002 UK-listed gold miner, Randgold Resources said yesterday it had closed out 148 500 ounces of call options for 2004. This was in line with Randgold's strategy of maintaining the fullest possible exposure to the gold price, CE Mark Bristow said. 

Tight supplies to boost nickel – report

5th September 2002 Limited nickel supply growth and improving demand prospects as the economy recovers could see prices favour the upside in the next two to three years, Deutsche Bank said in a quarterly report on Tuesday. 

State gem miner awards concessions

By: Martin Czernowalow     5th September 2002 State-owned gem miner Alexkor has awarded shallow-water mining and beach mining concessions to private operators, thus securing employment for 179 miners who were retrenched at the end of last year. 

Another coal empowerment deal struck

By: Terence Creamer     5th September 2002 A R30,5-million coal empowerment transaction between the South African coal arm of resources giant BHP Billiton, Ingwe, and emerging black-owned coal group Kuyasa Mining, was concluded yesterday. 

Ethiopia’s gold earnings leap to $38m

4th September 2002 Ethiopia's hard currency earnings from gold soared to 318,8-million Ethiopian birr ($38,18-million) in the 2001/02 fiscal year, a 67% rise over last year, the Ethiopian Customs Authority said on Monday. 

No agreement in Chile copper-mine tax dispute

4th September 2002 Chile's government said on Monday it failed to reach an agreement with Exxon Mobil, in a top-level meeting, to resolve tax and legal disputes that have snagged Exxon's $1,3-billion sale of mining assets. 

Partnership launched to foster mining and biodiversity

4th September 2002 The International Council on Mining and Metals (ICMM), the global voice of the industry, and IUCN – The World Conservation Union – recently launch a partnership to work together on mining and biodiversity. 

Gem giant seeks to diversify resource base

By: Keith Campbell     4th September 2002 South African diamond giant De Beers has reaffirmed its determination to diversify its resource base away from Southern Africa. 

Miners’ lawyers issue ultimatum

4th September 2002 Lawyers for South African miners suffering from asbestos-related illnesses said yesterday they had given London-listed Cape an ultimatum to pay an out-of-court settlement by Sept 14 or face court. 

Unions and mines set to fight Aids

By: Martin Czernowalow     3rd September 2002 Representatives of management of the South Deep Gold Mine, United Association of South Africa (UASA) and National Union of Mineworkers (NUM) recently signed an agreement to launch an encompassing HIV/Aids preventative, management and care programme at the mine. 

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