R/€ = 16.84 Change: -0.01
R/$ = 14.29 Change: -0.01
Au 1206.81 $/oz Change: 4.16
Pt 835.50 $/oz Change: 11.25

Mining News

Skorpion zinc project on schedule

21st February 2003 Low global zinc prices will not delay the commissioning of Anglo American's $454-million Skorpion Zinc project at Rosh Phinah in southern Namibia, an Anglo executive said this week. 

Mining companies welcome empowerment scorecard

20th February 2003 Three South African mining giants have come out in support of the country’s scorecard, designed to monitor the implementation of the Broad-based Socio-Economic Empowerment Charter that was released late last year. 

Precious Metals Bill will have downstream focus

20th February 2003 South Africa said yesterday it planned a new precious metals bill that will focus on downstream mining and complement legislation to boost black participation in the white-dominated industry. 

Zambian copper-project study shows good results

By: Martin Czernowalow     20th February 2003 Canada’s First Quantum Minerals this week announced that it was satisfied with the results of a definitive feasibility study for phase one development of its 80%-owned Kansanshi copper-gold project in Zambia. 

BHP Billiton profit seen falling in first half

20th February 2003 The world's largest diversified miner, BHP Billiton, is expected to post a slide in first-half profit when it reports on Monday, as commodity markets remain tough and currency changes hit the bottom line. 

Chileans revive gold mine closed since 1990

20th February 2003 Chilean industrial conglomerate Copec is reviving a gold mine in northern Chile that has been inactive since 1990, a company executive said on Tuesday. 

Africans must add value to resources – Mlambo-Ngcuka

By: Martin Czernowalow     19th February 2003 Africa’s mining ministers met in Cape Town on Monday to discuss issues of common interest within the mining sector, especially those identified as strategic for the New Partnership for Africa’s Development (Nepad). 

Deal could boost prospects for DRC tailings project

19th February 2003 International mining company America Mineral Fields (AMZ) yesterday announced that it had reached an agreement with the International Finance Corporation (IFC) and South Africa's Industrial Development Corporation (IDC) regarding a framework of the financial institutions’ participation in... 

Thistle mulls new gold-plant project

19th February 2003 Canada’s Thistle Mining has announced that its fourth ball mill at the President Steyn Gold Mine is now fully operational. 

State releases empowerment scorecard

19th February 2003 South Africa on Tuesday released its long-awaited mining scorecard to monitor the industry's progress in boosting black participation in a sector long dominated by whites. 

Scope to tempt auto firms back to palladium – Davison

19th February 2003 Palladium producers need to entice nervous users back to the metal, which still has a big role to play in the automobile industry despite recent price falls, the head of Anglo American Platinum said yesterday. 

Australian alloy firm buys SA foundry

19th February 2003 Prospective Australian magnesium producer New World Alloys, formerly Mt Grace Resources, has taken another step forward with its growth plans, in the international light metals industry, by announcing the acquisition of a specialist South African-based furnace and foundry engineering company. 

Court expected to make Anglo-IDC ruling next week

By: Martin Czernowalow     18th February 2003 The Competition Appeal Court is expected to deliver a judgement next week in the appeal by Anglo American against a decision to allow the State-owned Industrial Development Corporation (IDC) to challenge its acquisition of iron-ore interests. 

Exploration group bullish on Bushveld find

18th February 2003 Canadian miner, Anooraq Resources Corporation has announce that a large platinum group metals (PGM) deposit is indicated from drilling within the Northern Block of its vast land holdings on the Northern Limb of the Bushveld Complex, in South Africa. 

China aluminium revolution tops industry’s worries

18th February 2003 China's aluminium revolution, fuelled by abundant cheap electricity and taking advantage of a policy vacuum, will keep the market over-supplied in the next few years and remains a major concern for the industry, analysts said last week. 

Norwegian metals firm forecasts weak markets

18th February 2003 Norwegian metals maker Elkem ASA reported a swing to a fourth-quarter profit yesterday, helped by cost cuts and higher turnover, but the group forecast continued weak markets for many of its products. 

Swedish miner swings into profit

18th February 2003 Swedish exploration and mining company North Atlantic Natural Resources AB swung into full-year profits on Friday, thanks to income from its first year of operations at a copper and zinc mine in northern Sweden. 

Sheba's ridge joint venture concluded

18th February 2003 Following an announcement by Anglo Platinum and Cluff Mining in July last year that an in principle agreement had been reached to establish a joint venture to prospect and potentially develop the Sheba's Ridge Platinum Project in the Mpumulanga province, the miners have now said that the joint... 

Avgold sells ETC assets for R300m

18th February 2003 Diversified mid-tier mining company, Metorex, yesterday announced the purchase of Avgold's ETC assets for R300-million. 

Astonishing Argonaut: first contracts awarded

By: Luxolo Tyali     17th February 2003 Three dimensional (3D) seismic surveys – currently the world’s most advanced form of depicting what is beneath the earth’s surface – will be undertaken from June this year for the proposed R8-billion Argonaut gold-mining project, Mining Weekly can today exclusively report. 

Chamber welcomes Mbeki's ports, railways statements

17th February 2003 President Mbeki's State of the Nation address was a positive and encouraging illustration of Government's determination to continue building an inclusive and prosperous economy aimed at improving the lives of all South Africans. 

New Ghana mine project seen starting in August

17th February 2003 The world's top gold producer, Newmont Mining, will in August start developing two mines in Ghana where it hopes to produce a total 7,4-million ounces of gold, the West African country's authorities said. 

Gencor to report earnings this month

17th February 2003 Mine holding company Gencor said on Friday it was likely to announce its half-year earnings to the end of December 2002 in the last week of February. 

Flack joins Sallies board

17th February 2003 Fluorspar miner, Sallies Limited announced that it had retained FRM Strategies to implement a performance improvement plan, following a review by FRM of the company's business and strategy. 

Angola seeks to expand mining beyond diamonds, oil

14th February 2003 Diamond and oil-rich Angola wants to diversify mineral exports and encourage foreign firms to make the most of the end of a devastating civil war by investing in its other resources, a government official said on Wednesday. 

Thermal coal price set to fall – report

14th February 2003 The tough and protracted export coal price negotiations, that marked 2002, will be repeated this year as buyers and sellers come to grips with evolving market structures, says Australian-based independent research house AME Economics in a report. 

Ashanti says profit rises 26%

14th February 2003 One of Africa's biggest gold miners, Ashanti Goldfields, reported a 26% jump in 2002 profit yesterday, thanks to a surging gold price but predicted it faced difficulties in keeping costs down. 

Barrick axes CEO

14th February 2003 Unhappy with its profits and a limping stock price, Barrick Gold Corporation axed CE Randall Oliphant on Wednesday and replaced him with former chief financial officer Gregory Wilkins. 

New R600m West Rand gold project

By: Martin Creamer     14th February 2003 South Africa’s third-largest gold company has embarked on a R600-million shaft-sinking project at Elandsrand on the West Rand. 

Botswana president receives briefing from De Beers

14th February 2003 Botswana’s President, Festus Mogae, has been briefed on the state of the world diamond market by De Beers' MD Gary Ralfe and executives of De Beer's Diamond Trading Company (DTC). 

New empowerment move at R2,8bn Pandora

14th February 2003 A joint venture agreement has been concluded on the Anglo Platinum-Lonmin project, Pandora, which incorporates the Bapo Ba Mogale Tribe and Northam Platinum, with a shareholding that the parties expect should comply with the requirements of the Mining Charter. 

Western Areas profit rises strongly

14th February 2003 In a year punctuated by substantial capital expenditure and cost controls, gold producer Western Areas Limited (WAL) finished 2002 with a pre-tax profit of R231,5-million for the fourth quarter, from a loss of R731,8-million in the previous quarter. 

Implats mulls new R5-billion project

By: Joanne Delaurentis     13th February 2003 South Africa’s second-largest platinum producer is planning to develop a new deep-level underground shaft. 

Mineral rights management group in BEE deal

By: Martin Czernowalow     13th February 2003 Gold producer Randgold and Exploration yesterday announced that black economic empowerment (BEE) company, Marothodi Resources, has obtained a 26% stake in its mineral rights management company Minrico, which is to be developed as a fully fledged, South African-based resource company. 

M&R secures new platinum contract

13th February 2003 A competitive bid has seen construction giant Murray & Roberts RUC secure the Hackney early start mining contract at Anglo Platinum’s Twickenham Platinum Mine (TPM), situated on the eastern limb of the Bushveld Complex. 

China’s tin output set to fall in 2003

13th February 2003 China, the world's top tin producer and exporter, is likely to produce and export less this year because small players might be forced to shut down due to a raw material deficit, company officials said yesterday. 

Aussie miner bullish on copper project

13th February 2003 The silencing of guns in the Democratic Republic of Congo has convinced an Australian firm that the time is right to invest there, bringing the hope of much-needed revenue and stability to the war-scarred nation and neighbouring Zambia. 

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