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Reuters

China should buy gold to hedge dollar fall - researcher

25th June 2009 China should buy more gold because the dollar is poised for a fall and the metal is needed to support the greater international role envisaged for the yuan, a senior researcher with the ruling Communist Party said on Thursday. Li Lianzhong, who heads the economic department of the Party's policy... 

Gold hits 6-week low hit by firm dollar, ETF eases

23rd June 2009 Gold prices fell to a six-week low on Tuesday, with firmness in the dollar sapping demand as investors awaited the Federal Reserve's two-day policy meeting starting later in the day and its economic outlook. The dollar was firmer against the euro and most other major currencies except the yen... 

Zimbabwe's Metallon resumes gold mining

22nd June 2009 Zimbabwe's largest gold miner, Metallon Gold has re-opened two of its five mines after agreeing a $15-million loan with foreign and local financiers, the company's executive chairperson said on Monday. Metallon, which is owned by South African mining magnate Mzi Khumalo, accounts for more than... 

UK firm to operate Zambia cobalt mine - Minister

22nd June 2009 Enya Holdings BV will operate Zambia's largest cobalt producer Chambishi Metals Plc which was shutdown in December last year, mines minister Maxwell Mwale said on Monday. Chambishi Metals Plc was part of the Luanshya Copper Mines (LCM), which also operated the Baluba copper mine. Before... 

Southern Copper to move ahead with Toquepala expansion

19th June 2009 Southern Copper will move ahead with an expansion project of its Peruvian mine Toquepala, reversing an earlier decision to put it on hold, the company's chief executive said on Thursday. Construction work expected to lift the mine's annual copper output to 100 000 t from 60 000 t now, could... 

Malawi finance minister says no change in economic policy

19th June 2009 Malawi will not change economic policies that have helped usher in years of strong growth, newly-appointed finance minister Ken Kandodo said on Friday. Kandodo told Reuters in one of his first interviews since taking office that the policies in place had been proven to work, even in the face of... 

Geovic Cameroon cobalt mine delayed until 2012

19th June 2009 Production at Geovic Mining cobalt/nickel/manganese project in Cameroon is now set for 2012 after a delay due to the global financial crisis, the company said. The firm's Nkamouna project, originally due to start operations in 2010, was delayed and investment scaled back because of weak metals... 

Gold Fields holds forecast at new Peru mine steady

19th June 2009 Gold Fields, the world's No. 4 gold producer, said its new Peruvian mine Cerro Corona should churn out around 350 000 equivalent ounces of gold per year in 2009 and 2010. Of that total, the South Africa-based company expects to produce around 140 000 oz of gold and 30 000 t of copper, said the... 

Weak Nigerian naira takes toll on MTN

17th June 2009 South Africa's mobile phone operator MTN said on Wednesday the strong depreciation of Nigeria's naira against the dollar had increased the cost of doing business at its Nigerian unit. MTN took out a loan worth $2-billion from a consortium of banks early last year to expand its mobile network in... 

IDC to disburse R70bn over 5 years

12th June 2009 South Africa's Industrial Development Corporation will provide R70-billion of new funding over the next five years to help local companies hurt by a global downturn, a senior official said on Friday. South Africa, Africa's biggest economy, is in its first recession in 17 years. Companies are... 

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