R/€ = 14.41 Change: -0.07
R/$ = 11.68 Change: 0.00
Au 1330.89 $/oz Change: 8.93
Pt 998.50 $/oz Change: 10.69

Mining News

Bristow preparing higher bid for Ashanti

     20th October 2003 London-based mining firm Randgold Resources is preparing to raise its bid for Ghana's Ashanti Goldfields, Randgold's chief executive Mark Bristow said yesterday. 

Harmony sells High River stake for $22,5m

     20th October 2003 South Africa's Harmony Gold said on Friday it had sold its 17% stake in Canada's High River Gold Mines for $22,5-million and said it was in a position to fund future growth. 

Navachab to switch to owner mining

     17th October 2003 South African gold giant AngloGold’s Namibian openpit operation, Navachab gold-mine, said yesterday that it would not renew its mining operations contract with KMCC, but would instead change to owner mining. 

Surging coal prices to keep heat under Europe power

     17th October 2003 European coal prices are set to rise further from current record highs as global freight rates soar and demand stays strong, keeping the heat under power generation costs this winter, traders said on Wednesday. 

Stillwater inks deal to recycle autocat PGMs

     17th October 2003 Stillwater Mining said Wednesday that Power Mount will supply autocatalysts, which are rich in platinum group metals, for Stillwater torecycle at its Montana smelting and refining facility. 

PTM continues Elandsfontein drill programme

     17th October 2003 Canadian explorer Platinum Group Metals (PTM) has completed four additional drill holes at the Elandsfontein project, under the custody and control of Snowden Mining Industry Consultants. 

Oz miner to spend $1,3m on exploration in Eritrea

     17th October 2003 Australian mining company Sub-Sahara, as manager of the Asmara joint venture in Eritrea, has been requested by recently-signed venture partner Sunridge Gold Corporation to fast-track exploration expenditure on the Asmara project that hosts the Debarwa copper and gold deposit (Debarwa Main) and... 

Sallies seeks to resolve Witkop strike

     17th October 2003 Fluorspar miner Sallies yesterday renewed efforts to resolve a wage dispute at its Witkop mine, near Zeerust, after some 120 members of the National Union of Mineworkers (NUM) went on strike there. 

Aquarius raises A23,4m for SA mine

     17th October 2003 Australian company Aquarius Platinum, the platinum group metals producer, announced today that Euroz Securities has arranged the placement of 3-million ordinary shares at A$7,80 per share to raise A$23,4-million. 

Explorer moves ahead with northern-limb campaign

     16th October 2003 Canadian explorer Platinum Group Metals announced yesterday that it is initiating a drilling programme on the Tweespalk platinum project on the northern limb of the Bushveld complex in South Africa. 

Mining needs to positively influence the future-Mlambo-Ngcuka

     16th October 2003 Minerals and Energy Minister Phumzile Mlambo-Ngcuka says because mining is a non-renewable activity, it needed to positively influence what happens once this activity is completed in a specific area. 

Zambia Jan-Aug copper edges up to 225 177 t

     16th October 2003 Zambia's finished copper production rose marginally to 225 177 t between January and August this year from 219 138 in the same period in 2002, central bank governor Caleb Fundanga said yesterday. 

‘We want Alexkor and more’

By: Martin Czernowalow     16th October 2003 “Give us the company and then we can discuss how much must still be given to us”. 

Lonmin takes note of improved Ashanti offer

     16th October 2003 London-listed miner Lonmin said it has noted the announcement made yesterday by Ashanti Goldfields, detailing the improved terms of the merger with AngloGold. 

AngloGold expects Ghana to clear Ashanti deal

     16th October 2003 South Africa-based gold miner AngloGold said yesterday it had no reason to believe that the government of Ghana would not support its sweetened offer for Ashanti Goldfields over a rival bid. 

Barrick buys 10% stake in Russian gold firm

     15th October 2003 Russian bullion producer Highland Gold Mining said yesterday Canada's Barrick Gold has bought 10% of its equity through a share placing. 

Harmony disposes of Highland Gold stake for $199m

     15th October 2003 South African gold miner Harmony Gold yesterday announced that it had sold its 31,7% shareholding in Highland Gold Mining in a placing arranged by City Capital Corporation in London. 

Two miners die at ERPM

     15th October 2003 South Africa’s century-old gold-mine, East Rand Proprietary Mines (ERPM), said two employees died in separate underground incidents at its Boksburg operations yesterday. 

Messina Platinum raises $8,5m

     15th October 2003 Canadian miner SouthernEra Resources yesterday announced the results of the rights offer at the company's subsidiary, Messina, which concluded on October 10. 

Asher elected independent director of Randgold

     15th October 2003 Gold producer Randgold Resources said yesterday that Bernard Asher has been elected its senior independent non-executive director. 

Victory for Richtersveld community in Constitutional Court

By: Martin Czernowalow     15th October 2003 A Constitutional Court ruling yesterday opened the door for a small Northern Cape community to proceed with its bid for land restitution against State-owned diamond-miner Alexkor. 

Angloplat sees jobs losses due to strong rand

     15th October 2003 South Africa's Anglo American Platinum (Angloplat) said yesterdayit expected to make job cuts due to cost pressures from the strong rand. 

Base metals surge to new highs

     15th October 2003 Copper surged to three-year highs in yesterday’s trade, in the fourth day of a blistering run for the industrial metals, which lent a bullish backdrop to the annual gala gathering for London Metal Exchange dinner week. 

DRD buys 20% stake in Papua New Guinea mine

     15th October 2003 South African marginal gold-miner Durban Roodepoort Deep (DRD) announced yesterday that it has reached agreement with Oil Search Limited (OSL) to acquire its 20% interest in the Porgera gold-mine, in Papua New Guinea (PNG). 

Ashanti board recommends deal with AngloGold

     15th October 2003 Ghana-based gold miner Ashanti Goldfields yesterday recommended that shareholders accept a sweetened $1,4-billion all-share offer from South African miner AngloGold over a rival bid from London-based Randgold Resources. 

Yunnan Copper wants more concentrate from Freeport

     14th October 2003 China's third largest copper producer, Yunnan Copper, says it is keen to significantly boost purchases of raw material from US-based Freeport-McMoRan Copper & Gold from 2004. 

Water tariffs unfair to marginal operations – ERPM

By: Martin Czernowalow     14th October 2003 South Africa’s century-old gold-mine, ERPM, has slated Rand Water for removing preferential water rates for mining companies – a move it sees as unfair and one that makes it even harder for small operations to survive 

Placer Dome raises $530m

     14th October 2003 Canadian gold producer Placer Dome has completed the issuance and sale of two previously announced private debenture offerings, totalling $530-million aggregate principal amount. 

Lumwana copper mine aims for 140 000t/y

     14th October 2003 Australia's Equinox Resources said it aims to produce an average of 140 000 t of copper in concentrate each year at its Lumwana mine in Zambia starting in 2006, but later will build a smelter-refinery for cathode. 

Newmont in debenture offer

     14th October 2003 Denver-based gold miner Newmont Mining Corporation at the weekend announced that its wholly-owned subsidiary, Newmont US, has launched a tender offer for any and all of its 8,375% senior debentures due 2005. 

New director elected at Randgold Resources

     14th October 2003 The board of gold mining company Randgold Resources has elected Bernard Asher as its senior independent non-executive director. 

Highland mulls sale of Harmony's stake

     14th October 2003 Highland Gold Mining, a Russian bullion producer backed by foreign investors, said on Monday it was in talks with another firm to sell part of a 31,7% stake owned by South Africa's Harmony Gold. 

Marcus argues Kebbles’ Randfontein dealings were sound

     14th October 2003 Advocate Gilbert Marcus, SC, yesterday argued before the Johannesburg High Court that his clients, Roger and Brett Kebble broke no laws in a series of deals involving Randfontein Estates gold mine in 1999. 

Coal firm has new transformation agenda

By: elizabeth rebelo     13th October 2003 South Africa’s sixth-largest coal producer and third-largest coal exporter has a number-one attitude to transformation. 

Leeukop project moves to exploration drilling phase

     13th October 2003 The Leeuwkop 402 JQ farm, situated on the western limb of the Bushveld complex, is to undergo a thorough drilling exploration programme in a bid to raise the confidence level of the platinum resource, with the hope to progress into a profitable mining venture in the near future. 

‘Firms must pay for apartheid’

     13th October 2003 A lawyer and former commissioner of South Africa's Truth and Reconciliation Commission said on Friday that companies have a moral and legal duty to pay compensation to those who suffered under apartheid. 

Anvil completes Dikulushi resource remodelling

     13th October 2003 Australia’s Anvil Mining on Friday announced the completion of the Dikulushi resource remodelling, carried out in compliance with the JORC Code during August and September. 

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