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Mining News

Move out of golden hedges continues

16th April 2002 Gold mining companies have reduced their hedge books and were willing to sell more of their commodity at market prices as bullion prices creep higher, industry executives said. 

Zambia finds partner for copper mines

16th April 2002 Zambian President Levy Mwanawasa said he had found a strategic equity partner to invest in Zambia’s troubled Konkola Copper Mines (KCM) after Anglo American’s decision to pull out of the venture. 

Gold giants seek Tanzanian synergies

16th April 2002 Canadian miner Barrick Gold said it was in talks with rival AngloGold about establishing synergies between Tanzania’s two biggest gold-mines. 

SA gem group exits Canadian subsidiary

16th April 2002 Diamond firm Trans Hex Group (THG) has reached a negotiated solution with minority shareholders of its 73%-held Canadian-listed subsidiary Trans Hex International (THI) that will officially terminate THG’s Toronto-based presence. 

Russian gem deal: A lesson for SA?

15th April 2002 In December last year Sergei Broukovsky gave up on his diamond-cutting business in Johannesburg and returned to his native Russia. 

New generation nickel projects continue to struggle

15th April 2002 World nickel producer has seen prices surge above $3/lb, a ten-month high, on the back of an improved outlook for he global economy, Australian researcher AME Mineral Economics reports. 

Randfontein hedge closed

15th April 2002 South African gold producer Harmony Gold said it had closed the balance of the Randfontein hedge book at a net cost after tax of R125-million. 

Glittering results from Free State joint Venture

By: Keith Campbell     15th April 2002 The Free Gold JV between Harmony Gold and ARM has reproted excellent results in its first quarter. 

Namibian mines invest in new technology

12th April 2002 Despite continuing to impose strict cost-control measures to improve efficiencies, the Namibian mining industry has had to provide for new technological development and to attune itself to the developing world of business systems and communications, the Namibian Chamber of Mines states in its... 

Mining group in OZ coal acquisition

12th April 2002 Resources group Anglo American said it had agreed to buy a 51% stake in Australia’s Moura coal-mine from Japan’s Mitsui. 

War-time mining contracts face scrutiny in DRC

12th April 2002 Congo’s government, rebel groups and opposition parties have called for a review of lucrative mining deals and other contracts signed after the mineral-rich African country was plunged into war six years ago. 

Konkola output shy of target

12th April 2002 Zambia’s Konkola Copper Mines (KCM) said its Konkola mines had produced 51 452 tons of copper during the first quarter of 2002, falling short of its target, as a cash squeeze affected production. 

Zim workers seize gold assets

11th April 2002 About 300 workers at Procter Metals ‘C’ mine in Mberengwa, Zimbabwe, have seized the company’s assets in response to incitements by President Robert Mugabe during his election campaign. 

North American investors get the gold bug

11th April 2002 A higher gold price, low inflation and fading memories of the nightmare Bre-X mining fraud have sent North American gold stocks surging in the past few months, whetting investor appetites again for mining and exploration companies. 

SA gold firm 'aggressively' reduces hedges

11th April 2002 South Africa’s largest gold producer AngloGold said it was ‘aggressively’ running down its hedge book because of market conditions and a strong bullion price. 

Refinery workers expected to go back to work

11th April 2002 South African miner Anglo Platinum said it expected striking staff at its base metals refinery to be back at work at their next shifts after a court ruling, and reiterated that production had not been affected. 

Zambia's copper output weakens

10th April 2002 Zambia’s February primary copper output declined from January, and worries over the future of the country’s largest mines could see it decline even further over coming months, analysts said. 

Council defends gold's position in central banking

10th April 2002 Experience has shown that sales of gold from central bank reserves can have destabilising effects – however attractive sales may seem in the short-term, stated the World Gold Council 

Mining giant to cut dependence on SA assets

10th April 2002 Mining giant Anglo American’s convertible bond issue has brought back into focus the mining giant’s need to reduce reliance on its South African assets, most likely through foreign acquisitions, industry analysts said. 

Another platinum mine on the map for SA

10th April 2002 UK firm Cluff Mining said it will fast-track its South African Blue Ridge Platinum Project in the eastern limb of the Bushveld Complex, which could produce 200 000 ounces of platinum-group metals (PGM) a year. 

Latest on Free State mine purchase

9th April 2002 Canadian miner Thistle Mining has completed three key components related to the transaction to acquire President Steyn Gold Mines (Free State) for $32,050-million. 

Canadian zinc-copper mine to reopen

9th April 2002 Mining group Boliden said it would reopen its Myra Falls zinc-copper-mine in Canada to supply Asian customers who have had difficulty obtaining raw materials since the mine closed in December. 

Mining giant sets stiff new targets

9th April 2002 New performance targets have been unveiled by BHP Billiton to boost its bottom line, as a new chief executive prepares to take the helm of the world’s largest diversified miner. 

Group in $1-billion bonds issue

9th April 2002 Mining giant Anglo American has launched an issue of $1-billion 3-3/8% convertible bonds due April 17, 2007 convertible into ordinary shares of Anglo American. 

Can Zambia emerge from its Copperbelt Crisis?

8th April 2002 Zambia – Copper is still Zambia's major foreign-exchange earner – even after the privatisation of State mines – and will be for some time to come. 

Mined gold supply set to plummet

8th April 2002 World supply of mined gold may plummet by nearly 30% by 2010 unless bullion prices rally and prompt miners to bring untapped deposits on stream, a mining study showed. 

Gold firm evolution from explorer to producer

8th April 2002 Randgold Resources completed its evolution from an exploration company into a fully-fledged integrated resource business during 2001, said CE Dr Mark Bristow. 

PGM miner's 600 000 oz vision for 2006

5th April 2002 Australian PGM producer Aquarius Platinum is planning to simplify its corporate structure stating that its current model is inefficient and was the result of the need to raise finance and deal with rapid growth. 

Bid to cut and polish gems in Northern Cape

5th April 2002 Authorities in the Northern Cape are pushing ahead with plans to have locally mined diamonds developed and polished in the country, before being exported to international markets for sale, especially in Europe and the US. 

Very different outlooks for PGM sisters

5th April 2002 It appears that forecasts that palladium would battle to keep up with its sister metal platinum appear to be coming true. This week palladium slumped to $373/oz from its earlier high of over $380/oz. 

Norilsk uses nickel reserves as collateral

5th April 2002 Russia’s metals giant Norilsk Nickel will use 60 000 tons of nickel from its reserves as collateral for a loan by a syndicate of foreign banks, Norilsk’s deputy CEO Maxim Finsky said. 

Diamond giant buys R10-million in software

5th April 2002 Diamond giant De Beers has purchased ActaWorks software from Global Technology Business Intelligence (GBI) in a deal worth over R10-million. 

World's No1 miner to set new targets

4th April 2002 Two years ago Australia’s largest miner, BHP, set out a five-year plan to cut spending and sharply boost returns following a sweep-out of assets that had destroyed several billion dollars in shareholder value. 

$564m iron-ore project for Oz

4th April 2002 Diversified miner BHP Billiton unveiled a $564-million plan to develop a new iron-ore mine backed by South Korean steel maker Posco and expand its port facilities to seal its place as a world iron-ore giant. 

Iron-ore giant's rail allocation set at 23,5m tons

4th April 2002 Metals and mining firm Kumba and Transnet have announced the signing of a landmark agreement to support future iron ore throughput on the Sishen-Saldanha railway line, the mainspring of South Africa’s iron-ore export business. 

SA gold firm in successful Aussie bid

4th April 2002 Gold-miner Harmony has successfully acquired a 98,59% fully diluted interest in Hill 50. 

Study resumes for Burundi nickel project

3rd April 2002 Australia’s Argosy Minerals said it will resume development studies for a new nickel-mine in Burundi two years after suspending work over security fears for workers in the war-torn East African nation. 

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